On February 6, for the quarter ended December 2023, Indian multinational food products company Britannia Industries reported that its consolidated (total) profit fell 40 percent year-on-year to Rs 556 crore. A sharp fall has been witnessed compared to Rs 937 crore in last-year’s quarter.
Revenues earned from operations rose by a marginal one percent year-on-year to Rs 4, 256 crore. Britannia also reported an EBITDA (earnings before interest, tax and depreciation) of Rs 821 crore for the December quarter.
According to Varun Berry, vice chairman and managing director, Britannia, the company achieved 19 percent growth in revenue, and over the last 24 months. This was coupled with a 52 percent increase in operating profit.
For a period of nine months that ended December 2023, the total revenue stood at Rs 12, 532 crore which reflects a growth of 3.6 percent over the previous year. The operating profit rose 16 percent year-on-year to Rs 2,162 crore.
During the quarter, the company stated that it had partnered with more than 29,000 rural distributors. Berry, as per a report, had mentioned that their new offerings such as Makhanas, BeYou Bars, Jim Jam Pops, cheese formats are popular among their customers